100,000 businesses get N50,000 presidential grant – Trade minister

 100,000 businesses get N50,000 presidential grant – Trade minister

At least 100,000 nano-enterprises throughout the nation have begun receiving the first installment of N50,000 from the Presidential Conditional Grant Scheme, also referred to as the Trade Grants Scheme. This information was disclosed by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, during an exclusive interview with our reporter last Friday.

Defined by the Small and Medium Enterprises Development Agency of Nigeria, nano businesses are small-scale enterprises with one or two employees and an annual revenue below N3 million.

The minister, through her spokesperson Terfa Gyado, verified that the grant distribution started several weeks ago, aiming to reach 1,291 nano businesses in each Local Government Area.

The Federal Government had previously announced this scheme in December 2023 as a component of the Presidential Palliatives Programme, with the intention to bolster nano businesses.

A total of N200 billion is set to be allocated through the Bank of Industry to aid manufacturers and various businesses nationwide.

Initially scheduled to commence on March 9, 2024, the Trade Grant Scheme provides financial assistance without the need for repayment to qualified small business proprietors in diverse sectors, including trade, food services, ICT, transportation, and the arts.

The minister declared on Wednesday that the grant distribution was underway.

In a recent update, the trade minister indicated that all validated applicants would receive their grants in the next stages, as the ministry is still collecting verified data from the states.

Aniete elaborated, “The Presidential Conditional Grant Scheme was activated a few weeks ago, and the first group has already received funds. Each recipient is awarded N50,000, with eligibility based on owning a nano business and successful verification through their Bank Verification Number and National Identification Number.

"Those who met the verification criteria regarding their business nature and other requirements have received a portion of the initial funds.

The minister further explained that the grants are being directly deposited into the beneficiaries’ accounts after thorough verification, with the objective of reaching one million small businesses across the 774 Local Governments and the six council areas in the Federal Capital Territory.

“The goal is to support one million nano businesses across the 774 Local Governments nationwide, which equates to about 1,291 nano businesses per local government. This is the planned distribution.

“Approximately 100,000 small businesses have already received the initial grant, and we aim to reach one million. The disbursement process is ongoing, and we await further data from all states,” stated the minister.

This initiative follows President Tinubu’s announcement eight months ago regarding the grant for manufacturers and small businesses. It also comes two weeks after the directive for applicants to submit their National Identification Numbers (NINs) as part of the eligibility criteria for the grant, which is designed to alleviate the impact of recent economic reforms on the nation’s businesses.